5 Luxury Real Estate Trends That Will Define 2021 and Beyond

LUXURY REAL ESTATE 5TRENDS THAT WILL DEFINE 2021 AND BEYOND You probably agree that 2020 was a year full of surprises for most of the world, necessitating major shifts in people's lifestyles to fight the novel coronavirus. In the real estate sector, both property developers and homebuyers are turning to smart solutions to make luxurious home living achievable amidst the COVID-19 pandemic. Brace yourself for what to expect in the luxury real estate industry this 2021 and onwards. 01 SECOND-HOME MARKETS WILL KEEP THE STRONG DEMAND The pandemic fueled the rise of second-home buying among high-end property owners. This tren oincides with the shift from crowded cities into nearby suburban areas, which combines the perks of city living with a safer and more spacious living environment. In the Philippines, many luxury condo owners from central business districts have already bought second homes in nearby areas like Greenhills, San Juan, and New Manila. 02 FAST-RISING PRICES WILL FILTER OUT UNDECIDED FIRST-TIME BUYERS Despite the economic downturn and the rising prices of high-end residential projects, more people who have saved up before the pandemic are willing to pay a premium for their ideal property. Repeat buyers make up 74% of shoppers who want to purchase a home even amid the pandemic. (Forbes) 03 THE MID-SIZED LUXURY MARKET WILL PERFORM WELL Affluent buyers who want to get the most out of their real estate investment will converge in medium-sized metros where the cost of living is more affordable compared to the bigger cities or towns. The Bangko Sentral ng Pilipinas (BSP) expects the economy to gain a solid recovery in 2021, with as much as 7.8% growth. (Asia Property HQ) 04 HEALTH AND SAFETY AT HOME WILL BE THE NEW STANDARDS OF LUXURY "All in all, global and U.S. affluent consumers will continue to realign their priorities to spend more on real estate that gives them and their families a sense of security, health safety, and privacy in a cocoon all of their own. -Alam Khan, President of Luxury Portfolio International Family health and safety are the biggest motivation for affluent homebuyers, so they're looking for homes that can better address these needs. 05 HOME AMENITIES WILL BE A MUST The need to stay at home will have luxury homebuyers looking not just for essentials but also for rest and recreation amenities that they can readily use. Home amenities in demand include: · Home Office · Homeschooling Area Game Rooms · Family Entetainment Rooms · Home Gyms · Outdoor Spaces Infographic by: NMSJ NEW MANILA SAN JUAN https://newmanilasanjuan.com/ Sources Business Inquirer | Century 21| Coldwell Banker | Forbes | Inman | Los Angeles Times | RISMedia EEE